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Contract Life Cycle Management

Gartner defines contract life cycle management (CLM) market as a solution that proactively manages contracts from initiation through negotiation, execution, compliance and renewal. In this context, a contract is any agreement or contractual document containing rights and obligations that affect an organization now or in the future (e.g., a nondisclosure agreement). CLM solutions allow organizations to create, negotiate and store contracts in a centralized repository. Using these solutions helps mitigate organizational risk by enabling regulatory and policy compliance, providing governance over what is signed and with whom, and role-based access to terms and obligations with third parties. CLM solutions drive visibility, consistency and efficiency in the contracting process across an enterprise. Use cases are primarily aligned to parts of the process, such as presignature and postsignature. Different departments often prioritize a certain use case based on their involvement in the contracting process.

• Sirion CLM
  4.8

  180 Reviews

Gartner defines intelligent document processing (IDP) solutions as specialized data integration tools enabling automated extraction of data from multiple formats and varying layouts of document content. IDP solutions ingest data for dependent applications and workflows, and can be provided as a software product and/or as a service. Organizations receive and process documents in multiple formats to enable activities such as onboarding new suppliers, receiving applications for loans or insurance claims. This results in large numbers of documents, the content of which is designed for people to comprehend rather than machines to process. Extracting data from content is essential for document processing and the automated activities this supports. IDP solutions fulfill this role, augmented by and potentially replacing people.

• Sirion CLM
  5.0

  1 Review